# Full: CA Mediation with Corrected Proxies

| Variable | Full: Z→CA | Full: Z+I/Y→CA | Full: Z+K/Y→CA | Full: Z+K/L→CA |
|:---|---:|---:|---:|---:|
| Z_1 | 7.0447 | 49.2430*** | 7.0695 | 5.3449 |
| | (13.0224) | (12.0482) | (12.8938) | (12.9041) |
| Z_2 | -0.8193 | -6.1310*** | -0.7881 | -0.5379 |
| | (1.9525) | (1.7981) | (1.9328) | (1.9350) |
| Z_3 | 0.0258 | 0.2098*** | 0.0236 | 0.0131 |
| | (0.0795) | (0.0730) | (0.0787) | (0.0788) |
| fiscal_bal_gdp | 0.4492*** | 0.4122*** | 0.4498*** | 0.4518*** |
| | (0.0351) | (0.0318) | (0.0349) | (0.0349) |
| nfa_gdp_lag | -0.0267 | -0.2865 | -0.0352 | -0.0555 |
| | (0.2339) | (0.2168) | (0.2320) | (0.2328) |
| rgdp_growth | 0.2221*** | 0.3300*** | 0.2198*** | 0.2225*** |
| | (0.0222) | (0.0217) | (0.0222) | (0.0222) |
| log_rel_opw | 2.2313*** | 3.1587*** | 2.2040*** | 1.9961*** |
| | (0.4338) | (0.4073) | (0.4316) | (0.4844) |
| kaopen | -0.0350 | -0.5844*** | -0.0085 | -0.0473 |
| | (0.2007) | (0.1841) | (0.1997) | (0.2028) |
| capital_intensity | | -0.6843*** | | |
| | | (0.0227) | | |
| capital_output_ratio | | | -0.0629 | |
| | | | (0.0781) | |
| capital_per_worker | | | | 2.9036 |
| | | | | (2.6327) |
|:---|---:|---:|---:|---:|
| N | 4399 | 3887 | 4376 | 4376 |
| R² | 0.1456 | 0.2793 | 0.1485 | 0.1489 |
| Countries | 162 | 150 | 161 | 161 |

*Panel GLS with Prais-Winsten AR(1) correction, country and year FE.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*